NEW YORK -- IVillage Inc., which creates Web sites for women, said it is the target of an unsolicited tender offer from Growth Capital Corp. to buy as many as 1.4 million shares of iVillage for $22 each. IVillage urged its shareholders to reject the bid.

Growth Capital's per-share offer is lower than what iVillage's shares have been trading at. In Nasdaq Stock Market trading at 4 p.m. Friday, iVillage shares were up 50 cents to...